Thomas Cook (india) Limited · NSE:THOMASCOOK
Thomas Cook (india) — FY2026 Earnings Presentation
56 slides from Thomas Cook (india)'s earnings presentation, May 12, 2026
Slide 1: Stock exchange covering letter for earnings call presentation
May 12, 2026 The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code:
Slide 2: Investor Presentation – Q4 & FY26
Thomas Cook (India) Limited Investor Presentation – Q4 & FY26 May 12, 2026
Slide 3: Table of Contents
TABLE OF CONTENTS SR. NO. CONTENTS PAGE NO. 1 COMPANY SNAPSHOT 03 2 Q4 & FY2026 FINANCIAL PERFORMANCE 06 3 OVERVIEW: BUSINESS SEGMENTS 16 4 FINANCIAL DATA 46 5 ANNEXURE- STRATEGIC DIVESTMENT 51 2
Slide 4: Company Snapshot
COMPANY SNAPSHOT Thomas Cook (India) Ltd — 145+ years, 28 countries, 4 engines, 800+ touchpoints ₹85.6 Bn 28 800+ CRISIL AA Total Touchpoints (across the Total Income FY26 Countries group) Credit Rating ▲3.3% YoY 5 continents, owned operations 300+ TCIL and SOTC; 170+ PSA & Retained AA/Stable/ A1+ r
Slide 5: Brands
BRANDS Travel & Related Services Southern Africa East Africa Financial Services Leisure Hospitality & Resorts Digital Imaging Solutions 4
Slide 6: Thomas Cook India - Competitive Moat
THOMAS COOK INDIA - COMPETITIVE MOAT Core advantages no single competitor can replicate. Brand Trust + Customer Experience True Omnichannel Distribution Diversity in Geography & Service • 145+ year legacy of trust in travel and foreign • TCIL’s reach combines Trust & Convenience Offerings exchange s
Slide 7: Q4 & FY2026 Financial Performance
Q4 & FY2026 FINANCIAL PERFORMANCE 6
Slide 8: Management Commentary: Q4 & FY26
MANAGEMENT COMMENTARY : Q4 & FY26 Commenting on the results, Mahesh Iyer - Managing Director & CEO Thomas Cook (India) Limited said, FY 2026 was marked by significant geopolitical disruptions at both the start and close of the FY, effectively truncating the sales & operating period from 12 to less t
Slide 9: FY26 Financial Highlights
FY26 FINANCIAL HIGHLIGHTS (₹ Mn) SEGMENT PERFORMANCE Income from FY26 FY25 YoY EBIT FY26 FY25 YoY Operations Financial Services* 3,261 3,277 ▼ 0.5% Financial Services 1,493 1,498 ▼ 0.3% Travel & Related Travel & Related 67,025 64,689 ▲ 3.6% 2,218 2,485 ▼ 10.8% Services Services Leisure Hospitality &
Slide 10: Q4 FY26 Financial Highlights
Q4 FY26 FINANCIAL HIGHLIGHTS (₹ Mn) SEGMENT PERFORMANCE Income from Q4 FY26 Q4 FY25 YoY EBIT Q4 FY26 Q4 FY25 YoY Operations Financial Services* 813 787 ▲ 3.3% Financial Services 392 334 ▲ 17.3% Travel & Related Travel & Related 13,569 15,723 ▼ 13.7% 239 589 ▼ 59.3% Services Services Leisure Hospital
Slide 11: Segment Performance – Financial Services
SEGMENT PERFORMANCE – FINANCIAL SERVICES % Margin (₹ Mn) 3.3% (0.5%) 3,277 3,261 842 845 813 787 762 Revenue Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 17.3% (0.3%) 411 1,498 1,493 334 374 316 392 42.5% 44.4% 48.7% 41.5% 48.3% 45.7% 45.8% EBIT & Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 Margin
Slide 12: Segment Performance – Travel & Related Services
SEGMENT PERFORMANCE – TRAVEL & RELATED SERVICES % Margin (₹ Mn) (13.7%) 3.6% 64,689 67,025 19,784 15,723 16,891 16,781 13,569 Revenue Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 (59.3%) (10.8%) 811 651 2,485 589 2,218 516 239 3.7% 4.1% 3.9% 3.1% 1.8% 3.8% 3.3% EBIT & Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4F
Slide 13: Segment Performance – Travel & Related Services
SEGMENT PERFORMANCE – TRAVEL & RELATED SERVICES Meetings-Incentives-Conferences-Exhibitions (MICE) : Managed over 130 groups ranging from 50 to 1300 delegates per group. Key international destinations: Australia, Dubai, Egypt, Vietnam, Czech Republic, Austria, Japan, Singapore, Thailand, Indonesia,
Slide 14: Segment Performance – Travel & Related Services
SEGMENT PERFORMANCE – TRAVEL & RELATED SERVICES SE G ME NT RE VE NUE BRE A K DO W N (₹ Mn ) Segment FY25 FY26 YoY (%) Q4FY25 Q4FY26 YoY (%) (A) B2C TOTAL 17,504 18,874 8% 3,027 3,281 8% Domestic 1,661 1,426 (14%) 321 250 (22%) Outbound 15,844 17,448 10% 2,706 3,032 12% Long Haul 10
Slide 15: Segment Performance – Leisure Hospitality
SEGMENT PERFORMANCE – LEISURE HOSPITALITY % Margin (₹ Mn) 19% 6.6% 1,550 5,006 5,336 1,357 1,385 1,164 1,044 Revenue Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 3.6% 0.1% 471 409 1,291 1,292 235 243 169 20.2% 30.2% 16.2% 30.4% 17.5% 25.8% 24.2% EBIT & Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 Ma
Slide 16: Segment Performance – Digital Imaging Solutions
SEGMENT PERFORMANCE – DIGITAL IMAGING SOLUTIONS % Margin (₹ Mn) (3.7%) (0.8%) 2,365 8,423 8,360 2,015 2,097 1,958 1,940 Revenue Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 78 106 83 (59.1%) 23 268 3.9% 5.1% 1.2% 3.5% 110 3.2% EBIT & (102) 1.3% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 Margin Q4
Slide 17: Overview: Business Segments
OVERVIEW: BUSINESS SEGMENTS • Financial Services • Leisure hospitality • Travel and related • Digital Imaging services Solutions 16
Slide 18: Financial Services
FINANCIAL SERVICES : Breaker slide FINANCIAL SERVICES 17
Slide 19: Financial Services: The Unassailable Moat
FINANCIAL SERVICES : THE UNASSAILABLE MOAT High-margin engine. AD 2 license. Structurally superior returns. 02 ∞ 01 75+ Yrs ~40–46% 03 80%+ 04 Omnichannel 04 RBI License Our Expertise Our Margins Dominant Retail Our Distribution Portfolio Non-bank with AD-II license • Largest Non-Bank Forex • Struct
Slide 20: Forex – Historical Growth Trajectory
FOREX – HISTORICAL GROWTH TRAJECTORY ~30% → 46% ~25% CAGR 45%+ EBIT Margin Journey FY21-FY26 Revenue Growth FY21–FY26 Sustained Margin Band Gross Turnover Value (Rs Bn)* Active Prepaid Card Users (Mn) Card Loads (USD Mn ) CAGR ~29% CAGR ~43% CAGR ~48% 124 133 1.2 1.3 123 860 107 1.2 823 764 38 39 0.
Slide 21: The Prepaid Card: Our Highest-Moat Product
THE PREPAID CARD: OUR HIGHEST-MOAT PRODUCT Market leader · ~1/3 market share · 5-year customer lifecycle Why the Card is a Moat 1.2 Mn + ~USD 750 Mn+ ~Rs 16 Bn 28 One of India’s widest Forex Prepaid Card Users Load on card – FY26 Float on card – FY26 currency portfolios 5-year card lifecycle = custo
Slide 22: Retail Forex – Holidays Cohort: Who, What & Why
R E T A I L F O R E X – H O L I D A Y S C O H O R T : WHO, WHAT & WHY W H O : Holiday Traveller DEEP CUSTOMER SEGMENTATION MARKET OPPORTUNITY Purchases • Mastercard ,Visa & Rupay ~14% CAGR Seasonal, India outbound tourism through 2030 - structural, not post-COVID forex card Strong brand high-intent
Slide 23: Retail Forex – Education Cohort: Who, What & Why
R E T A I L F O R E X – E D U C A T I O N C O H O R T : WHO, WHAT & WHY WHO : Students Studying Abroad & DEEP CUSTOMER SEGMENTATION MARKET OPPORTUNITY Sponsor Parents ~13% CAGR • Mastercard and Visa Indian overseas education spend through 2030- structural, Long- High • Supports 28 currencies, aspira
Slide 24: Retail Forex – Corporate Cohort: Who, What & Why
R E T A I L F O R E X – C O R P O R A T E C O H O R T : WHO, WHAT & WHY WHO THEY ARE DEEP CUSTOMER SEGMENTATION MARKET OPPORTUNITY ~10% CAGR Large Corporates Mid-Size SMEs 1100+ Corporate travel Market to double to ~$21bn by FY2030, driven by enterprise expansion and outbound activity Corporate Clie
Slide 25: Scaling Through Touchless Operations
SCALING THROUGH TOUCHLESS OPERATIONS Building a Scalable, Touchless Forex & Remittance Platform TOTAL DIGITAL ADOPTION - FOREX WEBSITE TRANSACTIONS APP BOOKINGS 280 bps 8% 65% 3.5x 4.9x 22.8% 4,243 1,722 21.2% 21.2% 3,917 20.0% 1,036 648 628 489 132 FY25 FY26 Q4 FY25 Q4FY26 FY25 FY26 Q4 FY25 Q4FY26
Slide 26: Key Highlights: Travel & Related Services
KEY HIGHLIGHTS TRAVEL & RELATED SERVICES 25 25
Slide 27: Travel & Related Services
TRAVEL & RELATED SERVICES Multi-segment leader. Multi-geography reach. Integrated. One-stop solution for every traveler’s needs ₹67 Bn 73% B2B 5 Continents 100K+ ~800 (DMS + MICE + CT) FY26 Revenue 27% B2C – Leisure DMS Footprint MICE Pax FY26 Corporate Travel ▲3.6% YoY Holidays 23 countries, 6,500+
Slide 28: Travel & Related Services: The Moat
TRAVEL & RELATED SERVICES : THE MOAT Scale. Distribution. Multi-Brand Control. Structural Operating Leverage India’s largest integrated Global reach Scale leverage & Repeat and long tenure Asset-Light, Low Working Travel Services Platform 23 countries common buying customer base Capital Model B2B +
Slide 29: Travel & Related Services – Historical Growth Trajectory
TRAVEL & RELATED SERVICES – HISTORICAL GROWTH TRAJECTORY Neg→ 3% ~81% CAGR EBIT Margin Journey FY21-FY26 Revenue Growth FY21–FY26 Branches B2B Revenue (Rs Mn) B2C Revenue (Rs Mn) CAGR ~1.2% CAGR ~80% CAGR ~90% 286 300 18,874 283 269 279 49,346 50,463 17,504 241 43,719 14,633 31,349 7,760 8,838 2,685
Slide 30: B2C — Leisure Holidays
B2C — LEISURE HOLIDAYS Thomas Cook · SOTC | Long Haul · Short Haul · Domestic ₹18,874 Mn 62:30:8 28% 22% 14-15% FY26 Revenue Long haul: Short haul: Domestic Contribution to total Digital Adoption Avg Gross Margin travel segment – FY26 ▲8% YoY Sales Split Online pax booked Q4 FY26 Across Leisure Holi
Slide 31: B2B — Corporate Travel
B2B — CORPORATE TRAVEL Thomas Cook | Air · Hotel · Ground · Forex · OBT Platform ₹1,541 Mn ₹27 Bn 4-5% 32% 53% 84% : 16% FY26 Revenue FY26 GTV Avg Gross Margin Online Booking Tool Touchless Txns Air : Non-Air (OBT) Adoption by Clients ▲19% YoY ▲4% YoY Revenue Mix WHY TCIL WINS Q4 & FY26 PERFORMANCE
Slide 32: B2B — MICE
B2B — MICE Meetings | Incentives | Conferences |Events | Exhibitions ₹13,364 Mn 15 : 85 420+ 100K+ 4-5% FY26 Revenue Domestic : International No. of Groups Catered to No of pax Avg Gross Margin ▲-2% YoY Sales Split ▲19% YoY WHY TCIL WINS Q4 & FY26 PERFORMANCE CLIENT INDUSTRY MIX Seamless End-to-End
Slide 33: B2B - Destination Management Specialists (DMS) - India
B2B - DESTINATION MANAGEMENT SPECIALISTS (DMS) - INDIA PORTFOLIO BRANDS KEY SOURCE MARKETS REVENUE FROM OPERATIONS TCI / Sita United Kingdom 28% 35 x Inbound & heritage · India, Nepal, Bhutan, Sri Lanka, Leisure & FIT focused France 10% 6,292 6,467 5,220 Distant Frontiers Germany 10% MICE & tailor-m
Slide 34: B2B - Destination Management Specialists (DMS) - International
B2B - DESTINATION MANAGEMENT SPECIALISTS (DMS) - INTERNATIONAL Revenue Gross PORTFOLIO BRANDS REVENUE FROM OPERATIONS Share Margin 30+ years of inbound expertise across leisure groups, MICE CAGR ~72% and FIT packages. 46% ~15% 28,186 29,092 Thailand · Vietnam · Cambodia · Laos · Key Source Markets–
Slide 35: Digital & AI Led Initiatives – B2C
DIGITAL & AI LED INITIATIVES B2C AI-Driven Initiatives Customer Facing Digital Tools Engages digital-first customers and converts interactions into AI Chat Bot APP qualified leads through conversational AI WEBSITE CALL CENTRE AI-powered "supervisor" that listens to every AI TOOLS – CHATBOT, AGENTIC
Slide 36: Digital & AI Led Initiatives – B2B
DIGITAL & AI LED INITIATIVES B2B MICE CORPORATE TRAVEL DMS CORPORATE TRAVEL MICE CUSTOMER SERVICE APP (CSS) DMS India - TRAVART - A digital platform Client Onboarding, Itinerary / Trip Display, MOBILE BOOKING PLATFORM enabling seamless execution and Payment Collection, Visa Status, Tour Document, ma
Slide 37: Key Highlights: Leisure Hospitality and Resorts
KEY HIGHLIGHTS LEISURE HOSPITALITY AND RESORTS (Sterling Holiday Resorts+ Nature Trails)
Slide 38: Update on Operations: Leisure Hospitality & Resorts
UPDATE ON OPERATIONS: LEISURE HOSPITALITY & RESORTS (Sterling Holiday Resorts + Nature Trails) New Resorts launched in Q4 FY26 78 3,810 3.3 lakh 2.0 lakh Resorts as of Rooms as of Room Nights Avl. Room Nights Sold Mar ‘26 ( 28%)* Mar ‘26 ( 17%) in Q4 ( 23%) in Q4 ( 28%) 61% 81% Rs. 5,952 Guest Ratio
Slide 39: Sterling Resorts: From Transition to Growth
STERLING RESORTS: FROM TRANSITION TO GROWTH Defining Year: Scale, Profitability and Balance Sheet Strength 02 61 → 78 Resorts 01 Structured Pivot to Healthy Margins 03 12% Growth in 04 Company with 04 (FY26) Optimize Scale REVPAR – Q4FY26 Cash Surplus Pan India Presence at Asset-right growth In Top
Slide 40: Historical Growth Trajectory
HISTORICAL GROWTH TRAJECTORY 32 → 78 25% CAGR 76% CAGR 4,306 → 6,176 Resort growth journey Revenue Growth FY21–FY26 EBIT Growth FY21–FY26 ARR (₹) growth journey Average Room Rate Occupancy Resorts Rooms (ARR Rs.) CAGR ~20% CAGR ~11% CAGR ~7% CAGR ~7% 6,268 6,405 6,263 6,176 61% 61% 59% 59% 78 3,810
Slide 41: Pan-India Leisure & Hospitality Platform
PAN-INDIA LEISURE & HOSPITALITY PLATFORM ECOSYSTEM Room Mix 62% 38% Resort Mix 51% 49% Own + Leased Managed 78 95 65 75 3,810 4,500 Resorts Locations Rooms Sterling (71) Nature Trails (7) Current 2027 Current 2027 Current 2027 40
Slide 42: Key Highlights: Digital Imaging Solutions
Key Highlights Digital Imaging Solutions
Slide 43: Digital Imaging Solutions – Business Overview
DIGITAL IMAGING SOLUTIONS – BUSINESS OVERVIEW A global imaging platform delivering on-ground and technology-enabled guest experiences across iconic destinations. Dubai 8 264 14 125 Headquartered Regional Offices No. of Sites Operated Presence in countries Total Partnerships DEI serves customers at l
Slide 44: Digital Imaging Solutions – Business Overview
DIGITAL IMAGING SOLUTIONS – BUSINESS OVERVIEW Expertise is Spread Across Categories Aquariums Tall Towers Cable Cars Theme & Snow Parks Luxury Hotels Animal & Water Parks Amusement & Resorts Bird Parks Parks 43
Slide 45: Digital Imaging Solution: The Moat
DIGITAL IMAGING SOLUTION: THE MOAT Global attraction partnerships. Technology-enabled imaging workflows. Scalable multi-country operations. Global Partner Tech-Enabled Integrated Diversified Network Platform Operating Model Presence Exclusive Partnerships Superior Workflow People + Process + Multi-C
Slide 46: DEI – Historical Growth Trajectory
DEI – HISTORICAL GROWTH TRAJECTORY Sites Operated Partnerships (No. of Partners) No. of Captures (Mn) CAGR ~9% CAGR ~8% CAGR ~25% 134 133 129 130 125 267 265 271 264 109 114 105 108 218 87 170 62 35 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Revenue from Operations (Rs mn) EBIT (Rs
Slide 47: Financial Data
FINANCIAL DATA @ Thomas Cook
Slide 48: Income Statement
INCOME STATEMENT (₹ Mn) Particulars Q4FY26 Q4FY25 YoY (%) Q3FY26 FY26 FY25 YoY (%) Revenue from Operations 17,707 19,689 (10%) 21,457 83,982 81,396 3% Other Income I. Mark to market gain on Investment - - - - - 30 - II. Others 348 531 (35%) 409 1,596 1,419 12% Total Income from Operations 18,055 20,
Slide 49: Segment Financial Performance
SEGMENT FINANCIAL PERFORMANCE (₹ Mn) Financial Services Q4FY26 Q4FY25 YoY FY26 FY25 YoY Revenue 813 787 3% 3,261 3,277 (0.5%) EBITDA 409 348 18% 1,555 1,549 0.4% EBITDA (%) 50% 44% 617 bps 48% 47% 41 bps EBIT 392 334 17% 1,493 1,498 (0.3%) EBIT (%) 48% 43% 576 bps 46% 46% 7 bps Travel & Related Serv
Slide 50: Balance Sheet Statement
BALANCE SHEET STATEMENT (₹ Mn) Particulars Mar-26 Mar-25 Mar-24 Assets Fixed Assets & Intangibles 29,022 26,818 27,752 Other Non-Current Assets 12,435 8,393 7,496 Trade Receivables & Unbilled Revenue 6,626 6,321 6,457 Cash and Cash Equivalent 13,658 11,166 12,957 Loan and other current Assets 17,243
Slide 51: Cashflow Statement
CASHFLOW STATEMENT (₹ Mn) Particulars FY26 FY25 FY24 Net Profit Before Tax 3,299 3,821 3,449 Adjustments for: Non-Cash Items / Other Investment or Financial Items 1,680 1,540 1,870 Cash generated from operations before working capital changes 4,979 5,361 5,320 Changes in working capital 1,830 2,755
Slide 52: Annexure Strategic Divestment: Demerger of Sterling Holiday Resorts
ANNEXURE STRATEGIC DIVESTMENT: DEMERGER OF STERLING HOLIDAY RESORTS 51
Slide 53: Demerger of Sterling Holiday Resorts
DEMERGER OF STERLING HOLIDAY RESORTS Existing Corporate Structure After Demerger Demerger TCIL TCIL SHRL Current Segments Thomas Cook (India) Limited Sterling Holiday Resorts Limited Demerger Financial Travel & Related Resorts Financial Travel & Related Resorts Services Services Services Services •
Slide 54: Process & Timeframe
PROCESS & TIMEFRAME 1 2 3 Approvals from Pre-Scheme steps, including Key decisions and Board approves Demerger TCIL and SHRL Boards shift of registered office of SHRL prep for demerger Scheme 4 5 6 Stock Exchange Application Receipt of NCLT NCLT directions on Shareholders’ vote on demerger approvals
Slide 55: Contact Us
CONTACT US For further information please contact Debasis Nandy Urvashi Butani Ami Mehta President and Group CFO Head- Investor Relations Manager- Investor Relations Tel: +91 22 4242 7000 Tel: +91 22 4242 7095 Tel: +91 22 4242 7597 Email: Debasis.Nandy@thomascook.in Email: Urvashi.Butani@thomascook.
Slide 56: Disclaimer
DISCLAIMER ▪ This presentation has been prepared by Thomas Cook (India) Limited (“Company") solely for information purposes without any regard to any specific objectives, financial situations or informational needs of any particular person. This presentation may not be copied, distributed or dissemi